The crew regroups in the Geldrenner suite, where Matthias observes the uneasy but intimate state of the group: Nina stays close to him, Jesper avoids Wylan after the mistaken kiss, Inej rests near the window, Kuwei studies, and Kaz prepares to explain the next move. Kaz reveals that Kuwei will legally sell his own indenture at auction, using Kerch reverence for trade to force the Merchant Council, stadwatch, and Council of Tides to protect the event.

Kaz argues that the auction will let the crew rig the outcome so Ravka obtains Kuwei, but the others challenge the plan. Nina points out that the Shu will know where to find Kuwei, Kuwei worries about Shu Fabrikators and parem, and Jesper notes the Shu could create unlimited gold. Kaz counters that the harbor blockade limits who can arrive, and he assigns Inej to contact the Ravkan embassy with a message from Nina.

The conversation shifts to Inej’s attacker. Inej identifies the mercenary as Dunyasha, the White Blade, and admits Dunyasha may be better than she is. Matthias recognizes Dunyasha from Fjerdan intelligence reports as a possibly delusional claimant to the Ravkan throne, once considered by the drüskelle as a tool against King Nikolai. Inej believes Dunyasha may have followed the crew from Black Veil, but Kaz says they may never know how Pekka Rollins found the hideout.

Nina raises the largest flaw in the plan: Ravka is too poor to win the auction. Kaz explains that the crew will exploit the Merchant Council’s greed by creating a fake jurda consortium; once Kuwei’s auction threatens to expose parem publicly, the Council will want to profit from jurda and protect Kerch’s economic power. Wylan understands that the investment money can be funneled to Ravka, giving Ravka the funds to bid while the crew takes a percentage.

Kaz then reveals that Colm Fahey will act as the consortium’s respectable front under the false identity Johannus Rietveld. Jesper objects fiercely because Kaz has placed his father in danger, but Colm agrees, saying protecting Jesper and the farm gives him something worth risking himself for. Kaz further declares that he and Matthias will stand onstage as Kuwei’s chosen protection at the Church of Barter, accepting that arrest and recognition are likely after the auction.

As the group recognizes the scale of the opposition—Van Eck, Pekka Rollins, the Shu, the Fjerdans, other embassies, and the Kerch government—Kaz admits they need more help and decides to return to the Slat despite the bounty on his head. The others warn that Per Haskell and the Dregs may turn on him, but Kaz insists he must reclaim his place in Ketterdam. When Nina reminds him that the Grisha, Colm, and the whole crew still need escape routes, Kaz says he knows what the city fears most and that Nina will give it to them.